 "vehicle")
The bad spell for non-banking financial companies (NBFC) has not spared even vehicle financers. Initially considered stronger players as their loans are backed by assets, namely vehicles, the Street was of the view that companies like Shriram Transport Finance, M&M Financial Services (Mahindra Finance) and Cholamandalam Investments and Finance (CIFC) should hold up in the ongoing liquidity crunch. However, that optimism is now being put to test.
Sales of commercial vehicles (CV), particularly in the medium and heavy commercial vehicles (M&HCV) segment, haven’t been encouraging and for the second consecutive month, M&HCV majors — Tata Motors and Ashok Leyland — posted
